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Overseas Shipholding Group Inc (ID: 25)
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verseas Shipholding Group, Inc. ( OSG ) one of the world s largest bulk-shipping companies, owns and operates a modern tanker fleet of 52 vessels aggregating 9.2 million deadweight tons ("dwt") comprised of international flag and U.S. flag vessels that transport crude oil, petroleum products and dry bulk commodities. Additionally, the Company's newbuilding program consists of two Aframaxes aggregating 0.23 million dwt; the Company will take delivery of these vessels in October 2003 and January 2004. The Company enjoys an outstanding reputation for safety, quality and reliability, reflected in its many significant long-term relationships with international oil companies and other major charterers. OSG is committed to providing quality tonnage and service to its customers, and to developing innovative solutions to meet each customer's unique transportation requirements. The size and diversity of OSG's tanker fleet, the Company's financial strength, and the skill and experience of OSG's crews and shoreside staff enable us to offer our customers premium quality transportation services at competitive rates. SG's international tanker fleet operates worldwide, serving our customers in a variety of key crude oil and petroleum product trades. The company's modern and double-hulled crude oil tankers meet the most stringent regulations throughout the world and are ideally suited to serve customers' needs in environmentally sensitive areas. In the crude trades, OSG has a significant presence in the long-haul VLCC trades and in the Atlantic Aframax market. In the product tanker markets, a fleet of Bostonmax product carriers offers our customers maximum discharge flexibility. OSG also operates Panamax tankers in the AG and Far East trades. Our skilled crews have extensive experience in the loading, discharging, and lighterage of vessels, always maintaining high standards of safety while accommodating diverse and ever-changing local requirements. OSG's long involvement in the Alaskan crude trades also has provided the Company with much valuable experience in operating at the highest level of safety in one of the world's most environmentally sensitive trades. Return to Top VLCCs OSG operates a fleet of 21 modern VLCCs, 17 of which are double-hulled. All of OSG's VLCCs are operating in the spot market and are trading in the Tankers International ("TI") pool with the exception of two which are on long-term charter to an oil major. TI, which commenced operation in February 2000, was established by OSG and other leading tanker companies to meet the global transportation requirements of international oil companies and other major charterers. The TI pool consists of 41 modern VLCCs. The pool has been able to improve vessel utilization and earnings through backhauls, contracts of affreightment and other efficiencies facilitated by the size and quality of its modern VLCC fleet. OSG, through its participation in the pool, serves our customers in major VLCC trades from the Middle East, transporting oil to the U.S. Gulf, Western Europe, Japan and Korea. TI participates in numerous emerging trades, one of the most significant being from West Africa to China. OSG counts many major oil companies, state oil companies and large oil traders among its satisfied customers for long-term charters and spot-trading requirements. Return to Top Aframaxes OSG is a leading operator of modern, double-hulled Aframax tonnage in the growing Atlantic trades, carrying cargoes from Venezuela, East Coast Mexico, and the North Sea to destinations in the U.S. Gulf, U. S. Atlantic Coast ports, Canada, and Northwest Europe. All of OSG's Aframaxes operate in Aframax International ("AI"), a commercial alliance among OSG, PDVMarina, the shipping affiliate of Petroleos de Venezuela (PDVSA), Reederei "Nord" Klaus E. Oldendorff and Seaarland Shipping Management GmbH ("Seaarland"). This pool, which totals 25 vessels, transports a significant portion of PDVSA's crude oil Aframax cargoes. OSG's two Aframax newbuildings and three newbuildings from Seaarland, which will deliver through 2005, will be added to the pool. In recent years, OSG has concluded contracts of affreightment with a number of major oil companies. We are proud to have been chosen to handle the crude transportation requirements for such major oil companies transporting cargoes from the Caribbean and the North Sea. It is OSG s unique ability to respond to customers requirements and anticipate their future needs which makes OSG a leading force in this trade. Return to Top Petroleum Products Carriers OSG operates a diversified fleet of product carriers that can respond to the frequently changing patterns of the petroleum products trade, with extensive experience in both the Atlantic and the Far East trades. Our fleet of Bostonmax carriers operating in the Atlantic basin give OSG's customers full access to all Boston-area terminals, allowing maximum discharge flexibility. Long a mainstay in the larger product carrier trade from the AG to the Far East, OSG's Panamax tankers have adapted to changing trade patterns, carrying product from Korea to the U.S. West Coast as well as in the intra-Asian trades. Our breadth of experience ensures the Company has the ability to serve our customers in existing and emerging trades, while maintaining our high standards of quality and safety. ur goal is to set the standard for excellence in service to our customers. We have invested in cutting edge shipboard and shoreside technologies and have streamlined our organizational structure to better serve our customers. The Company s investment in technology is a reflection of the growing inter-relationship between its business strategy and operating procedures. The integration of OSG s charter operations, shipboard management and vessel networking systems demonstrates OSG s increasing emphasis on cross-departmental interaction and the use of technology to achieve business objectives. These systems integrate purchasing, requisitioning and inventory control, and facilitate more sophisticated planned vessel maintenance. These systems also improve efficiency by eliminating redundancies and will provide full operational transparency to our major customers. We are committed to supplying our charterers with quality ships, operated safely and efficiently by well-trained and experienced seafarers and supported by an outstanding team of shoreside professionals. OSG is recognized as one of the world s most customer-focused marine transportation companies. OSG s shoreside staff is comprised of experienced and highly-skilled chartering, marine operations, finance and information technology professionals. Individuals from each of these disciplines work together as teams to meet customers bulk-shipping challenges. For the customer, this means: Fully customized logistics; Round-the-clock access to chartering and operations personnel for commercial and technical support; Strict adherence to the charterer s voyage instructions; Close supervision of discharge operations, resulting in an outstanding record of minimal cargo remaining on board; On-time, efficient delivery of cargoes; Innovative financing arrangements; and Creative solutions to bulk-shipping challenges. OSG's international tanker fleet operates worldwide, serving our customers in a variety of key crude oil and petroleum product trades. Overseas Shipholding Group Inc